Mozambi Resources extends major discovery at Namangale
Mozambi Resources (ASX:MOZ) extended its already major graphite discovery at Namangale in Tanzania to a strike length of 1.2km, and is now aiming to extend it further to 2km.
The ASX-listed company told the market today that an ongoing reverse circulation and diamond hole drilling campaign had extended the effective strike length of the Namangale deposit from 800m to 1.2km.
Intercepts from RC drilling included hits of up to 79m, with diamond drilling including hits of 93.1m.
While assays have yet to be returned, MOZ said mineralisation had been logged as “medium or high grade” with coarse graphite observed.
It also said all mineralisation was either intersected from surface or began at shallow depths.
“The results confirm mineralisation occurs over a very substantial thickness from surface and our early modelling is showing a significant size graphite deposit at Namagale,” MOZ managing director Alan Armstrong said.
The drilling was done to test a large electromagnetic anomaly which was measured at 1.8km in length, with 48 RC holes now done for 2517m. The anomaly strikes to the north east with similar intensity to the areas already drill tested, with MOZ saying this opened up the possibility of further extensions.
To test the theory, Armstrong said further drilling would now be fast-tracked in order to define a JORC resource at Namangale.
It will now aim to undertake two more lines of drilling to expand the potential strike length to 2km, but MOZ said there was a possibility there could be more to the north and south.
In other MOZ news, it took two short holes at its Chidya deposit, with the company reporting large graphite mineralisation being intersected from near surface in both holes.
The Namangale Prospect is contained in one of the areas picked up by MOZ as part of a deal struck with a local mining company back in September.
It picked up the prospect for an initial $104,000 in cash, with it also picking up three other tenements.
A number of resource companies have declared resources nearby, including fellow ASX-listed company Magnis Resources (ASX:MNS), which has a project 60km to the north.
Graphite mineralisation in the province typically occurs in stratigraphic layers of graphitic schist within a package of high pressure metamorphic rocks which make up the Mozambique Mobile Belt.
This belt extends south into Mozambique, and is the belt being tapped by the likes of Syrah Resources (ASX:SYR) and Triton Minerals (ASX: TON), which have both identified graphite deposits of over 1 billion tonnes.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.